For a tourist, the sight of Bangkok for the first time might be overwhelming because of the number of accommodations such as hotel near Bumrungrad Hospital but for experts, they believe that the city needs more development. Industry experts advised Bangkok to utilize its hotel and tourism industry in order to reach its goal of becoming a megacity within five years.
STR is the leading international research firm and its Asia Pacific’s area director is JesperPalmqvist. He said that hotel performance in Bangkok will see consistent growth and development of infrastructure will continue. Two of the strong factors that positively impact the hotel and tourism industry of the capital are consumer sentiments and excellent investors. This is not evident in Bangkok alone but in other tourist hot spots in Thailand.
Mr. Palmqvist explained that the hotel performance in Bangkok has been stable for the last three years that the city has already forgotten about the decline that happened in 2014. For November of last year, the revenue for every available room has increased 3.4 per cent year on year while the supply has also risen by 4.1 per cent.
The growth is partly due to the increase in stable demand by almost 5 per cent which was recorded for 18 months right after the country has returned from its downfall in 2015. STR reports that hotel rates have also increased by two per cent despite the number of new competition in the market.
The growth is not short-term because last year, for seven month, the performance of the revenue per available room has reached a record that has not been since for a decade.
Mr. Palmqvist predicts that tourism in the country will continue to grown because of the many products and services available to tourists. There is also a growing demand for the gastronomy sector as Thai cuisine receives recognition from all over the globe.
Despite the large arrivals, Mr. Palmqvist said that some hotels might not see growth especially those located in Sukhumvit. There are many competitions in the area but hotel near Bumrungrad Hospital might be preferred by tourists because of its accessible location.